65th Street Duplexes (2)

Multi-Family for Sale
Catylist Listing ID: 30383290
Property Subtypes: Duplex/Fourplex
Number of Units: 4 Units
Building Size (RSF): 6,164 SF
Gross Building Area: See Agent
Sale Price: $397,000
Unit Price: $99,250 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 3/15/2019

Overview / Comments

This property is located in a very desirable area inside Loop 289 on 65th Street just west of Quaker Avenue in Lubbock, TX. Easy access to South Plains Mall, Kingsgate shopping, many new and established restaurants, Walmart and to the Quaker Avenue and Loop 289 traffic arteries make this an extremely convenient place to live. The property has been owner managed for the last 16∓ years and he is ready to retire from his management responsibilities, Some updates have been done over time but more need to be done to maximize rental rates. Current rents of $850 per month or .55 psf appear to be considerably below today's market rates for this size and type of property.

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Taxing Authority: Lubbock Central Appraisal District
Tax ID/APN: R58387 & R58414
Percent Occupied: 100%
Total Number of Buildings: 2
Property Condition: Average
Number of Stories: 1
Year Built: 1971
Roof Type: Mansard
Construction/Siding: Brick
Parking Type: Surface
Parking Description: There are two rear entry, 2-car garages. Each of the four units shares one space in each garage. There are also other off-street parking spaces available on site.
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Engineered System
Interior Description: Each unit has 1541 sq ft of living space made up of three bedrooms, two bathrooms, kitchen and a living-dining combination area that includes a fireplace.
Lot Frontage: 160'
Lot Depth: 111'
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lots 78 & 79 Quail Ridge Addition, City of Lubbock, Lubbock County, TX

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,321 124,860 204,628
Median Age: 39.62 34.43 32.29
Households: 7,053 51,735 79,690

Contact

Photograph of Listing Agent

Joe Murfee

Murfee and Sons, Inc.
West Texas CIE Member
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